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Basic Energy in talks with potential partners for Mabini project

Taal Volcano, Batangas, Philippines (source: flickr/ therealbrute, creative commons)
Alexander Richter Alexander Richter 5 Aug 2013

Basic Energy Corp is in talks with potential partners to finance exploration for its 20 MW Mabini project in Batangas, Philippines.

The developer of the Mabini geothermal project, Basic Energy Corp has announced that it is in talks with potential partners for the in Batangas, Philippines.

The company reports having conducted initial negotiations on potential partners to finance the potential 20 MW geothermal power project.

According to a company statement, there are two to three local and foreign companies interested in the project.

The company holds a service contract with the Department of Energy, under which it is required to drill one exploration well at a cost of $3.8 million by July 2014.

The exploratory well will confirm the extent of steam gas that can be generated in the service contract area.

Basic Energy has interests in three additional geothermal concession in the Philippines.

Source: Interaksyon